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Two port authorities have Tk235cr deposit stuck at Farmers Bank

  • Published at 04:50 pm January 22nd, 2018
  • Last updated at 04:50 pm January 22nd, 2018
Two port authorities have Tk235cr deposit stuck at Farmers Bank
The embattled Farmers Bank Ltd (FBL) is once again in the middle of a firestorm of controversy as they are refusing to pay the matured fixed deposits of Tk235 crore that belongs to Chittagong Port Authority (CPA) and Mongla Port Authority (MPA). The bank owes Chittagong Port Authority Tk170 crore and the Mongla Port Authority Tk65 crore. Both the port authorities have reported to the Bangladesh Bank (BB) and the Ministry of Finance about the situation while the MPA has sent a formal letter to higher authorities asking for their help in getting the money back. According to sources, as of January 15 the deposit at the Farmers Bank stood at around Tk4,500 crore. Tk1,800 crore of deposits came from different government institutions including the state-owned banks.

The state of Chittagong Port Authority deposit

According to sources at the Chittagong Port Authority (CPA), Tk170 crore of the CPA’s fund was deposited at Khatunganj branch of Farmers Bank. Following rising concern over the bank’s liquidity, the CPA like other depositors decided to withdraw their deposit and asked the bank to pay Tk5 crore and in response the bank gave a pay-order cheque, which was dishonoured when they went to cash the cheque. Following that incident, the CPA authorities asked the bank to pay another Tk30 crore and the Farmers Bank responded by saying the amount will be sent by this month. The port authorities have decided to send a letter to Bangladesh Bank and the Ministry of Finance in this regard to expedite the process. “Following the concern raised over the Farmers Bank, we have decided to cash our total deposit there. Because the Tk5 crores cheque was dishonoured at the end of December, 2017 and the bank does not seem confident in their response in being able to pay Tk30 crore, we have drawn up a letter seeking the help of authorities concerned,” said Chief Finance and Account Officer at CPA M Habibur Rahman. The letter will be sent after January 25 with prior approval from the CPA Chairman.

The state of Mongla Port Authority deposit

Like the CPA, Mongla Port Authority (MPA) has Tk65 crore of deposit stuck at Khulna branch of Farmers Bank. The port authorities have sent letters to the Bangladesh Bank and Ministry of Finance expressing their concern over their deposit, said sources. The Chief Finance and Account Officer at MPA Md Siddiqur Rahman told the Dhaka Tribune: “The process of withdrawing our deposit from the Farmers Bank is underway. The bank’s local branch have dishonoured our cheque last month and assured us to pay the money by January 31. “As the bank is failing to pay other depositor’s money, we have sent letters to the concerned regulatory authorities seeking their help getting the money back.”
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